Thursday, September 27, 2012

[Ship Building] Samsung signs $7.7bn

[Ship Building] Samsung signs $7.7bn

Samsung Heavy Industries of Korea gets more closer to 2012 new order target. Having contracted deep-sea drillship with Seadrill of Norway, it marked around $7.7bn of orders year-to-date, accounting for 62% of this year's target $12.5bn.

Analyst Sanjeev Rana of Deutsche Securities said Samsung is expected to receive orders for four drillships ($2.4bn), seven LNG carriers ($1.4bn) and one offshore production facility ($1bn) in the fourth quarter.

Samsung is firmly placed at the top drillship builder, with overall eight newbuilding drillships contracted. Also, of all 127 vessels invested in the world to date, Samsung raked in 56 vessels, accounting for 44% of shares.
Meanwhile, Rana said "Although drillship prices are difficult to compare due to different specifications and payment methods, we notice that drillship orders being signed in the second half are priced 5-10% higher than those signed in the first half which is positive for shipyards profitability."

The Geojae-based shipyard announced on September 21 that it inked an order for one drillship, valued in $623m, from European shipowner, with delivery slated for early 2015.

On the same day, Seadrill of Norway announced that it placed an order at Samsung for one drillship with an option for one more, with price around $600m and delivery by 2014.

Besides successive orders for two drillships, the shipbuilder won a pair of purpose-built 120,000-dwt DP-2 shuttle-tankers, totalling $200m.

Published : September 26, 2012

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